2002-07-01 :: 10:15 a.m.

accounting sure is conservative

Soundtrack: none

There is something really funny about taking online prelearning finance "modules" (mawm-mee, I can bawance the bawance sheet!) in one browser window while reading about Xerox and Worldcom "restating revenues" to the tune of billions of dollars in another. From one of the lessons:

It is important to note that accounting is conservative when recording revenues and losses. Accountants recognize revenue when it is reasonably certain and losses when they are reasonably possible.

Mmm. Sure thing, honey!